|Lord Chief Justice Sir John Thomas|
Wednesday, 19 March 2014
"Will The Banking Crooks Finally Get What They're Owed?"
"Country's most senior judge calls for
radical reform for laws on fraud"
So that corrupt City bankers can be tried and punished.
Lord Chief Justice Lord Thomas said: ‘It is vital for the health of our economy and the pre-eminence of London that those who commit financial fraud or engage in bribery and corruption are tried in a criminal court and severely punished.’
He said there were too few prosecutions for fraud and shaking up the law would ensure ‘rigorous pursuit of more prosecutions for fraud, particularly fraud in the financial markets, and for bribery and corruption.’
The intervention from Lord Thomas, who is the head of the judiciary and the leading criminal judge in England and Wales, follows the failure of prosecuting authorities to bring criminal charges against a single banstker or financier over the wrecking of the economy in 2007 and 2008.
The collapse of banks including Northern Rock, the Royal Bank of Scotland and HBOS cost the taxpayer scores of billions in bailout money. Yet no City executive has answered in court for the lapses and greed that led to more than five years of recession.
Since the banking catastrophe the banks have been involved in a series of scandals that have led to the payment of further billions in compensation, and large-scale fines against financial institutions.
These include the fixing of interest rates, which led to a £290 million fine on Barclays; the mis-selling of payment protection insurance; and the selling of interest rate swaps which were supposed to protect small businesses, but ended up driving many to the wall.
Not one banker has yet been successfully prosecuted over any of the post-crash scandals.
THE FULL STORY AT THE LINK BELOW